A World Bank official believes that the ruble can become an alternative to the dollar if the fiscal policy is implemented correctly, noting that the ruble settlements will stimulate the development of high-tech exports in Russia.
“In my personal opinion, the ruble can become an alternative to the dollar if the fiscal policy is implemented correctly, we have all the ingredients for that,” said Roman Marshavin, a Russian official at the World Bank, in an interview with “Novosti” agency published today, Friday.
According to the expert, the basic requirements for this are the presence of the lowest levels of public debt for Russia in the world and a positive trade balance, as well as the stability of the political system, “which the current issuers of reserve currencies, who are facing the risk of bankruptcy, cannot boast of.”
The expert indicated in the interview, in which he expressed his personal opinions and not the official position of the World Bank, that the future will be for transactions in the Russian currency, which will stimulate the development of productive capacities within Russia and the growth of our high-tech exports.
With regard to the American economy, the official revealed that the World Bank shareholders are concerned about the problems of the American financial sector, and he said in his comment in response to a question about the repercussions of the collapse of banks in the United States on the global economy: “This issue really worries the shareholders of the World Bank, although the crisis Banking, if it occurs, will not affect the stability of the World Bank.
The expert pointed out that the World Bank’s business model differs from the business model of traditional commercial lending institutions, and said: “Of course, the demand for the World Bank’s resources from borrowers can grow sharply, as happened during the 2008 crisis. For this reason, the Bank is trying to find additional internal resources.” to help its clients when the macroeconomic situation deteriorates.”
On the other hand, the American expert, Nouriel Roubini, drew a bleak future for the US economy, warning of its entry into a state of recession. Predicting the 2008 crisis, Roubini, an economics professor at New York University, said the US banking system was facing a serious challenge and was heading for collapse.
This article was originally published by RT.
